Doha, Qatar: Qatar’s real estate sector saw growth in May this year as the number of properties sold witnessed rise. The total number of properties sold totalled 337 in the country in May 2023 registering a monthly increase of 114.6 percent according to figures released by the Planning and Statistics Authority (PSA).
Of the total number of sold properties by municipality, Al Rayyan constituted 88 properties showing a rise of 100 percent on year on year basis, followed by Doha 74 (54.2 percent), Al Daayen 63 (152 percent), Al Wakra 40 (236 percent), Umm Slal 30 (76.5 percent), Al Shamal 25 (2400 percent), Al Khor and Thakhira 17 (70 percent) in May 2023.
Qatar saw a total of QR1,853m worth of properties sold in May 2023 showing a monthly and yearly rise of 95.6 percent and 36.9 percent respectively.
The real estate sector today is one of the fastest growing sectors in Qatar, as it ranks second after the energy sector by attracting investments exceeding QR82bn — equivalent to over $23bn — during 2022 when 135 real estate projects were launched.
On a monthly basis, the total properties sold by municipality in Doha reported a 153 percent jump, Al Rayyan 245 percent, Al Wakra 471 percent, Umm Slal 75.9 percent, Al Shamal 267.1 percent, Al Khor and Thakhira 33.3 percent in May 2023. While Al Daayen and Al Sheehaniya saw decline.
Qatar saw as many as 758 building permits issued in May 2023, which increased 17.5 percent and 98 percent year-on-year and month-on-month, respectively, in the review period, according to PSA data.
The building permits data is of particular importance as it is considered an indicator for the performance of the construction sector which in turn occupies a significant position in the national economy.
With infrastructure in place to cope with a substantially increased population, government initiatives in place, such as residency through real estate, to attract investors, and financial instruments being offered by local banks to fund purchases, Qatar is poised to compete in the international arena.
World-class infrastructures and facilities built in the country have been attracting several investors across the country. After having hosted a major tournament like FIFA 2022, the number of visitors has also doubled in the past few months.
